Global Healthcare BPO Market is estimated to reach USD 280.15 Billion by 2020
The Healthcare BPO market is projected to reach
USD 280.15 Billion by 2020 from USD 175.46 Billion in 2015, growing at a CAGR
of 9.81% during the forecast period 2015–2020. Although, healthcare represents
only 5-10% of the total BPO deals in the market which is the relatively low
compared to other industries, such as banking, financial services and
manufacturing, the potential for growth is high due to the growing demand for
quality care.
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Increasing number of people seeking insurance,
pressure to cut healthcare delivery costs, consolidation of healthcare system,
pharmaceutical companies facing patent cliffs, along with the mandatory
implementation of ICD-10 codes are the major factors fuelling the Global
Healthcare BPO market.
However, concerns in losing control over the
outsourced process, doubts regarding service/product quality, and threat to
data security are factors limiting the growth of Global Healthcare BPO market.
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The global healthcare BPO market is segmented
on the basis of provider, payer and pharmaceutical services. Under provider
service, the market is segmented into Medical Billing, Medical Coding, Medical
Transcription and Finance & Accounts services. The medical billing
sub-segment is expected to represent the largest share of the provider services
segment in the current market scenario, owing to an increase in the number of
people insured.
On the basis of Payer, the services market is
classified into Claims management, Integrated Front-end Services and
Back-office Operations, Billing and Accounts Management, Member Management,
Provider Management, Analytics and Fraud Management and Human Resource. The
healthcare payer segment of the market is becoming more aggressive in its
pursuit of new service delivery models for core business processes. Claims
processing, Member management and provider management are the most frequently
needed processes by the payers.
Further, on the basis of Pharmaceutical service
the market is discussed under Research and Development, Manufacturing and
Non-Clinical Functions.
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Furthermore, on the basis of
geography the market is analysed under various North America, Europe,
Asia-Pacific, Latin America and Middle-East & Africa region. The U.S.
healthcare payer market has been greatly wedged by the introduction of the PPAC
Act. As the act expanded insurance access to more than 35 million U.S.
citizens, the rise in claims processing work has led to large-scale outsourcing
of these services by payers.
With the ever-growing demand
for healthcare, the need for outsourcing the services is expected to provide
niche opportunities for IT companies to poach upon. Some of the major players
operating in the healthcare BPO market include Cognizant Technology Solutions
Corporation (U.S.), Accenture PLC (U.S.), Genpact Limited, Tata Consultancy
Services Ltd. (India), Infosys BPO Ltd. (India) and Xerox Corporation (U.S.).
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